7 Small Payday Loans in 2024

If your next payday is still a few days away and your car unexpectedly breaks down, a small payday loan may seem like an attractive option. These small-dollar, short-term loans are popular because they’re easy to qualify for and are a quick solution for emergencies.

While payday loans can be helpful in some situations, they’re also very expensive. Read on for our top seven small payday loan recommendations, how much you can borrow, and their pros and cons.

Top 7 Small Payday Loans 

We chose our top small payday loan recommendations after reviewing 20 payday lenders and comparing them based on factors like loan limits, borrowing costs, availability, ease of application, and reputation.

1. Viva Payday Loans

• Loan Amounts: $100 to $5,000
• APR: 5.99% to 35.99%

Viva Payday Loans offers small payday loans as well as larger loan amounts at a relatively low APR range. The company has a fast and easy application process. You can fill out a short form and qualify online within 15 minutes without a credit check.

Pros

• Quick approval process
• Flexible loan amounts
• Easy online application

Cons

• Lower loan amounts may have higher annual percentage rates (APRs)
• These loans are only a short-term solution

2. SmartAdvances.com

• Loan Amounts: $100 to $20,000
• APR: 5.99%-35.99%

SmartAdvances.com offers small payday loans as well as larger loan amounts without a credit check. When you fill out an application form on the website, SmartAdvances.com will connect you with lenders that match your credit profile. However, loans of under $1,000 will likely have a higher finance charge than what’s listed on the website.  

Pros

• Connect with multiple lenders that match your credit profile
• Only a few minutes to get a loan decision
• No extra fees for connecting with lenders

Cons

• You may not always qualify for a loan even though there’s no credit check
• Smaller loan amounts have a higher finance charge

3. Money Mart

• Loan Amounts: $50 to $500
• APR: 194.7% to 1042.9%

Money Mart offers check cashing and payday loans as small as $50. The terms and fees vary based on where you live, but you’ll find them clearly listed on the website, which makes it easy to decide if this is the right loan for you.  

Pros

• Quick access to cash
• Terms and fees are clearly listed on the website
• Small loan amounts starting at $50

Cons

• High finance charges
• Shorter repayment terms may make it difficult to repay loans

4. CashNetUSA

• Loan Amounts: $300 to $3,500
• APR: 241%-449% (approximately)

CashNetUSA offers a wide range of loan options, depending on your state of residence. You may be able to borrow a line of credit, short-term loan, or payday loan.

You can check the website to determine if you qualify for an online payday loan, the repayment terms, and applicable finance charges by selecting your state.

Pros

• Offers a variety of loan options
• Same-day funding
• Easy and convenient application process

Cons

• Not all loan options are available in all states
• Only allows you to borrow one loan at a time

5. AmeriTrust Financial Services

• Loan Amounts: Up to $400
• APR: 260.71% to 782.14%

AmeriTrust offers small payday loans, title loans, lines of credit, and other types of loans to help you cover emergencies. The exact APR you’ll pay will depend on where you live and how much you want to borrow, but you can use the online calculator on the website to get an estimate before you apply.  

Pros

• Easy-to-use online calculator
• Offers a wide range of loan options
• Quick approval and funding

Cons

• Finance charges can be high
• Not all loan options are available in all states

6. Speedy Cash

• Loan Amounts: $100 to $700
• APR: 212.92%-729.82% (approximately)

Speedy Cash offers payday loans online and in stores in multiple states. This may be a good option if you prefer to walk into a physical store to apply for a loan. The term length, loan amount, and APR will vary based on where you live.  

Pros

• Loans are available online and in-store
• Offers services in multiple states
• Same-day funding

Cons

• Doesn’t offer loans in all states
• APRs are very high, especially for shorter terms

7. Ace Cash Express

• Loan Amounts: $50 to $1,500
• APR: 662% (estimated)

Ace Cash Express is another great option if you prefer borrowing through a physical store. The lender has stores in eight states and allows you to borrow small payday loans of $50. You can check APR ranges for your state on the company’s website to estimate how much you’ll pay.

Pros

• Flexible loan amounts
• Physical stores in eight states
• Finance charges are clearly listed on the website

Cons

• Those who are in the military may not qualify for loans
• APRs can be very high in some states

Pros and Cons of Small Payday Loans

Payday advance loans can be very expensive and can trap you in a cycle of debt if you’re not careful. Consider these pros and cons before you decide to borrow one.

Pros

• Relaxed eligibility requirements and no credit checks
• Loan application and approval is usually fast
• You can get the funds within one business day
• You won’t lose your assets if you default since it’s an unsecured loan

Cons

• These are predatory loans
• Finance charges and fees can be very expensive compared to installment loans
• Repaying the loan on time won’t help you build credit
• You may face legal action if you default on the loan
• It can trap you in a debt cycle

How Much Can I Borrow With a Small Payday Loan?

The borrowing limits of payday loans vary based on state laws. In the U.S., 37 states have statutes that allow payday lending, but there are no specific provisions in 11 jurisdictions. In most cases, the maximum loan amount is $500.

How To Qualify for Small Payday Loans

One of the main reasons why small payday loans are popular is because they’re easy to qualify for. Most lenders have relaxed underwriting guidelines, and there’s no credit check. Here’s what you’ll need to qualify for a payday loan:

• A steady source of income
• A valid government-issued ID
• A bank account in good standing

How To Get a Small Payday Loan

Small payday loans may help in an emergency, but we don’t recommend relying on them regularly. If you’ve evaluated your options and have decided to apply for one, here are the steps you’ll usually need to follow:

1. Determine how much you need to borrow based on your financial needs and your monthly income.
2. Check to see if payday loans are legal in your state.
3. Make a list of licensed lenders that serve in your area.
4. Compare different lenders based on loan amounts, finance charges, and additional fees.
5. Check the company's reviews on websites like the Better Business Bureau (BBB) and Trustpilot.
6. Look through the Consumer Financial Protection Bureau’s (CFPB) complaint database to see if there are any complaints registered against the lender.
7. Visit a physical store or fill out the application form online. Submit your documents, such as your Social Security number, pay stubs, bank account statement, and a government-issued photo ID, to apply for the loan.
8. Read the loan agreement carefully before you sign it.

Small Payday Loan Alternatives 

If you need quick access to cash, there are several other alternatives you may want to consider instead of relying on a small payday loan:

• Borrow From Family or Friends: While it may not be comfortable, borrowing from a family member or friend is always a good way to cover an emergency expense without having to pay a high interest rate.
• Cash Advance Apps: There are many cash advance apps that offer interest-free or low-fee advances. Funds are available quickly, and you won’t have to pay as much as you would with a payday loan.
• Personal Loans: You can get a personal loan at a lower APR even if you don’t have a good credit score. Most lenders have online applications and quick funding, which can be helpful during an emergency.

Consider the Costs of Small Payday Loans Carefully

Small payday loans can be quite handy when you have to pay utility bills, rent, or cover other unexpected expenses before your next paycheck and need quick cash. Since lenders don’t check credit reports, these loans are an attractive option for bad credit borrowers who don’t usually qualify for other options.

However, payday loans have triple-digit APRs. If you can’t repay the loan on the due date and have to roll over the loan, it can be very difficult to get out of debt. We recommend using these loans sparingly. If you’re already in a difficult situation due to debt, we recommend managing it as soon as possible with a payday loan consolidation, debt settlement, or credit counseling.